Navigating retirement with all its lifestyle and financial decisions can be a complicated process. It is understandable many are daunted by the number of options, regulations, and money matters. Selling the family home and downsizing to a property more appropriate for this stage of life may need good planning and good advice.
As a property buyer’s agent for more than twenty years in the Byron area, it is interesting to see more downsizing as the baby boomer generation continues into retirement. Many of our previous clients who purchased with our help, are contacting us again to assist them with the process of downsizing. Our knowledge and skills in this area are increasing along with the demand for this service.
Sell to Buy
The downsizing dance can be delicate as often the family home needs to be sold in coordination with buying the new residence. When your home is your biggest asset, it is crucial to do this well to finance the new purchase and hopefully leave a cash buffer to help maintain your quality of lifestyle in retirement.
Issues around financing, superannuation, timing the settlements, moving possessions, and preparing the property for sale need to be thought through. Many people are hesitant about making the move until they know where they are going. This is understandable, so speaking to an experienced buyer’s agent who knows the area is a great way to allay concerns about what the future can look like.
Where to Go?
Finding where to go next is not easy in the Northern Rivers as there is a serious shortage of suitable options for retirees wanting to remain in the same vicinity. Property prices in the Byron Shire are at a premium and this can also be a challenge to a good outcome.
Although choices are limited in one way, there will still be a myriad of competing options to consider. A unit or an apartment is the most common choice and preferably one with close amenities. There are also many senior options that include retirement villages or land lease communities. Gaining popularity are offshore options as well. Many people like to have a bolthole overseas and something secure here as well. The question of whether pets are welcome in the new location often comes up as an issue.
Living The Dream
Although the hurdles are there the benefits to downsizing are substantial.
- Reduce time spent on maintaining a large property.
- Have more free time for other activities.
- Freeing up finance to allow more options.
- Discarding a lot of unnecessary possessions often frees up the soul.
- Discover a new vicinity, a change is as good as a holiday.
- Do more walking and bike riding.
- Focus more on experiences, relationships, and pleasurable priorities.
Start Planning Now
Research suggests that it is best to start this process earlier than most people think. The mid-60s is the best time as the later you leave it the more difficult it can be. Byron Property Search can help you prepare the property for sale, advise on the best strategy for selling and engage the best agent to list your home. At the same time, we can be out searching for your new residence and arrange the sell/buy process to be easy and relatively stress-free. The cost for this service may be a lot less than you can imagine. Please contact us to schedule a complimentary one-hour consultation to see if this would be a good fit for you.